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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Morgan Stanley analyst Stephen Grambling reiterated an Overweight rating on the shares of DraftKings Inc (NASDAQ:DKNG) and raised the price target from $20 to $22.
- Meanwhile, the analyst removed the stock as Top Pick after an +80% move YTD (vs. +6% S&P 500, +28% gaming coverage).
- DraftKings saw 11 states turn contribution profit positive this year and that should grow, said the analyst.
- The company's parlay mix improved hold by ~70 bps y/y in FY22. Continued focus on parlays should drive even higher mix in the future and support structurally higher margins, added the analyst.
- With DKNG moving closer to profitability, the analyst believes the company's NOL will start being ascribed value by the market.
- The analyst raised estimates to reflect DKNG's 4Q beat, structurally better hold, and better cost control.
- The new 2023 revenue estimate moves to $3.121 billion (versus $3.052 billion prior), which remains above the high end of guidance as the analyst anticipates stronger new state results and potential for further improvement in parlay mix & hold.
- The analyst leans toward the high end of 2023 guidance and anticipates above consensus 2024 based on the state-by-state build.
- Also Read: DraftKings 3.0: Analysts Raise Price Targets After Q4 Beat, Focus On Profitability
- Price Action: DKNG shares are trading lower by 1.60% at $19.64 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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